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To: "mike@powx.org" <mike@powx.org>
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Cc: Bitcoin Protocol Discussion <bitcoin-dev@lists.linuxfoundation.org>,
marshall ball <marshallball@gmail.com>
Subject: Re: [bitcoin-dev] Proposal: Low Energy Bitcoin PoW
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Good morning Michael,
> Nothing in a dynamic system like PoW mining can be 100% anticipated, for =
example there might be advanced in manufacturing of chips which are patente=
d and so on.=C2=A0
>
> It sounds like your take is that this means no improvements can ever be m=
ade by any mechanism, however conservative.
Not at all.
Small-enough improvements over long-enough periods of time are expected and=
anticipated --- that is why there exists a difficulty adjustment mechanism=
.
What is risky if a large-enough improvement over a short-enough time that o=
verwhelms the difficulty adjustment mechanism.
ASICBOOST was a massive enough improvement that it could be argued to poten=
tially overwhelm this mechanism if it was not openly allowed for all miners=
.
>
> We do go into a fair amount of detail about Minimum Effective Hardness in=
our paper=C2=A0https://assets.pubpub.org/xi9h9rps/01581688887859.pdf=C2=
=A0, which is actually a special case of hardness that we invented for the =
context of adding an operation to a PoW, and how it applies to random matri=
x mults. =C2=A0=C2=A0
This certainly helps as well.
Regards,
ZmnSCPxj
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